Option One (Loan Modification)

[NCGUY]

After forebarance not working due to a huge payment and the fact that my loan adjusted to a higher rate I applied for loan modification. I applied for this program and faxed all the nesessary information including the hardship letter.

Since them I can not get a stright answer from anyone regarding my loan modification. Also my modification rep has been changed as of today. My projected sale day is in early May and I am worried that I am being set up for failure.

Please Respond.

Thank you for joining and welcome to the forum....

How late on the forbearance are you and did you speak with them about the possibility of modification after a failure on the forbearance?

Given that they are really busy and like all of the servicers they are overwhelmed....you need to obtain the name of your new negotiator and start calling and get some answers.

Additionally you may want to contact HOPE 888.995.HOPE or ACORN ACORN: Home they are non-profits that can intervene for you and assist in the process.

You need to be very proactive and call, call, call and fax, fax, fax, this is a second job and you have to be in contact with them daily.

[NCGUY]

I have got his name, its Mr. Bob France. Also I plan to start calling him on Monday. He is at the Irvine CA office. The other rep (Shemika Banks) as at the Jacksonville FL office.
How would filing bankruptcy affect this whole situation, is it an option and would I still be able to stay in my home?

[Moe Bedard]

NCGUY,

The Chapter 7 BK should be about 3 months, you could speak to the BK attorney about pulling the mortgage through the BK, staying current on it and then after the event modifying. As long as you are current at the time of filing the Chapter 7 BK you can pull the Mortgage through and stay current they will not move to do nasty things.

If you file a Chapter 13 BK to stop a foreclosure you will not be able to get a modification for the loan while in a Chapter 13.

As I am not an attorney you would have to confirm with one........

Hope this helps......

BK is an alternative and mostly stalling tactic these days, you really need to be proactive with Option One and call daily and try to get them to modify in the body of the forbearance and see about having the forbearance payment reduced and re-cast to a lower payment.

If you do the BK route...you are going to have problems with a Chapter 7 as you are delinquent and they will ask for the Relief of Stay and foreclose, with a Chapter 13 as *** says they will not allow modification.

Please be very informed in your situation, choose carefully in the BK attorney realm, they are often as bad as the Brokers that got you here in this place. Make sure that they do not just file and drop you after that point....many do.

[NCGUY]

I am not really considering foreclosure justr information gathering but thanks for the information.

I called Hope Now today and spoke with a rep there. She was on the phone for about 1 hour going over budget and questions about my situation. Accordiong to her they have been very successful with Option One and agreed to help me with this matter. I intend to start calling Mr. French tomorrw as soon as its 8am on the west coast. I will keep you up to date as things progress.

Do you think Hope Now is a good program? Have you seen them make a diffrence?

[Moe Bedard]

HOPE is a very good organization and they do help intervene on your behalf......and alot of homeowners have been helped by their service. Just make sure you keep on top of things with the person that has your case because they are swamped.......

[NCGUY]

Finally some information from Option One after hearing nothing for weeks. I was told time after time (call back next monday)....After calling and asking for a supervisor in the Jacksonville office I fianlly got a call back. Heres the deal:

Modification rep wants to know how much cash I can come up with to help get this kicked off. Also she notified the lawyer to put me foreclosure on hold (got the letter from the lawyer in the today).

Wilshire call and said that they got the notification from Hope Now and we discussed some policy for modification by Wilshire. According to them Option One has to approve mod before they will. Funny thing they ask for a copy of my bank statment...

The wheel is turning slow, not giving up!

[elpjohnson]

NCGUY,

Sounds like some good or at least encouraging news. I was reading your post because I too have Option One but I'm just getting started. Option One is slow very slow.

I don't really have any advice to offer but I wanted to offer you some words of support. It is great to see that you're not giving up.....NEVER give up! As you can see many people are successful and you can be too! You are in my prayers. Good luck and keep us all posted.

Yes Option One is slow, but they are modifying....slowly and more slowly....inch by inch, file, by file.....

I am glad it sounds like you are making headway....